There are three major forms of business based on their legalities:

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Sole proprietorship business

A sole proprietorship business has a single owner who undertakes the job of managing and operating the business. The entity of the business and the owner are interchangeable in the eyes of the law.

Source: Eucalyp / Flaticon

Partnership form of business

When two or more people come together with a motive to carry out business and generate revenue by executing business activities, it is called a partnership form of business.

Source: Becris / Flaticon

Corporation

A corporation is a large business having multiple owners. A corporation in the eyes of the law has a separate legal entity.